Breaking News

Cravath’s London Office Slashes Compensation
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The Daily Tabloids blog reports that the London office of New York’s Cravath Swaine & Moore has slashed its cost of living allowance (COLA). In 2007, Cravath associates abroad were making over $300,000.

Cravath Swaine & Moore cuts its COLA in the London office from $110,000 to $60,000 as of January 1, 2009. [A]ll the associates, one after one, were called into the office of a partner, Philip Boeckman, to receive the news. The reason mentioned for the cut is the evolution of the dollar-pound exchange rate.

One associate complained… that this comes on top of bonuses being halved and the ski weekend being cancelled, and says that these measures “pretty badly affect associate morale”. OK, no one likes to get less wedge – but low morale because of only getting £40k to live in London, when everyone else is being made redundant? Bring out the violins.

  
What
Where


The other side of the pond just got a lot less attractive.

The second oldest firm in the US, Cravath was founded in 1819 and ranks first among the world’s most prestigious law firms according to a Vault survey.

Summary: 

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Cravath Swaine & Moore slashes its Cost Of Living Allowance (COLA) at its London office, for the reason being evolution of the dollar-pound exchange rate. This news is further addition to the bonuses being halved at Cravath, the second oldest law firm in United States. This cut off is affecting the morale of law firm employees with everyone else around been made redundant.





 

RELEVANT JOBS

Attorney

USA-CA-Westlake Village

Small, congenial, well-established Westlake Village, CA, law firm seeking attorney with minimum 10+ ...

Apply now

Legal Assistant

USA-MS-Tupelo

Position Lancaster Law Firm is seeking a full-time legal assistant. The firm assists its clients, p...

Apply now

Part-Time Estate Planning and Elder Law Paralegal

USA-MI-New Baltimore

Chawla Legal Group is looking for an experienced paralegal to help expand into the worlds of probate...

Apply now

FAMILY LAW ASSOCIATE ATTORNEY

USA-FL-Tampa

Seeking a Family Law Associate Attorney with minimum 3-5 years experience in Family Law.  Candi...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Real Estate Attorney

USA-SC-North Charleston

North Charleston office of our client seeks real estate attorney with experience. The candidate will...

Apply Now

Senior Family Law Litigation Attorney

USA-CA-Corona

Corona office of our client seeks senior family law litigation attorney with 10+ years of experience...

Apply Now

Transactional Attorney

USA-IA-Iowa City

Iowa City office of a BCG Attorney Search Top Ranked Law Firm seeks transactional attorney with 2+ y...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top